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Betfair review

When the Betfair Exchange launched in 2000 it did so amid great fanfare, proclaiming the “Death of the Bookie”. As we know, the company’s creation didn’t make good on that promise, but it did revolutionise the way online bookies operated. No longer could they make the rules and have it all their own way. However, Betfair launched its sportsbook in 2012 to offer punters a more traditional online sports betting experience to cater for both exchange bettors and punters who are happy to take slightly lower odds but avoid paying commission on winning bets.

Betfair Offers

About Betfair

The Betfair Exchange is a betting exchange that allows punters across the world to back or lay (laying means “betting against”) sports outcomes, to effectively set their own odds. The Betfair Exchange claims to offer, on average, 20% better odds than regular sportsbooks as a result. Betfair takes a commission of 5% – the market base rate – on all winning bets from its exchange bets. It does not charge commission on losing bets. The exchange offers as many markets as you will find on the Betfair Sportsbook, however, because of the nature of the betting exchange, you won’t always find the liquidity in the markets to allow you to place your bets on your chosen outcome. In those instances it is useful to have the option of the sportsbook as well as the exchange.

To help separate the two services, Betfair offers dedicated mobile apps for both its exchange and sportsbook to keep everything nice and neat. It also features apps for its various gaming and casino operations for customers interested in the iGaming side of its operation. On its desktop and mobile sites you can select between each service by clicking through the tabs at the top or bottom of the respective pages.

Bonuses and Promotions

Having both the Betfair Exchange and the Betfair Sportsbook means that Betfair can offer tailored promotions for both services. Ultimately this is beneficial to punters, as it gives double the promotions. However, the Bet £10 Get £30 Welcome offer is only valid on Exchange bets, so be sure to place your qualifying bet on the Exchange within 7 days of registering your account. Upon settlement of your qualifying £10 bet you will be credited with a £20 Exchange free bet to use as you will. Head over to the promotions hub to claim the final £10 of the promotion, which is a £10 Sportsbook acca free bet (minimum 2+ selections).

Betfair offers regular £5 free bets to customers through various promotions. The Betfair Exchange operates a Free Bet Streak offer, which awards a £5 free bet on settlement of a £20 qualifying bet. If that £5 free bet wins, you earn another £5 free bet by 12pm the following day, and so on. All free bets must be placed at odds of at least 1/2 (1.5). You must manually opt-in to this offer every week to claim it.

The Betfair Sportsbook also offers regular promotions including its £25 Same Game Multi Free Bet. Any winning Same Game Multi bet with odds of at least 4/1 (5.0) will earn a matched free bet up to £25. You can also earn a £5 free bet on multiples when you place a £20 bet on any multiples, from doubles upwards as long as at least one selection is at odds of 1/2 (1.5).

The Betfair Sportsbook operates in the same way as any other online bookmaker (albeit with different odds, layout and promotional offers). You place a bet on the outcome of your choice at odds indicated by the Betfair Sportsbook. The Betfair Exchange runs with bets backed or laid by punters around the world. In effect, if you lay a bet (bet against an outcome) you are effectively taking the roll as the bookie. If that selection wins you lose your bet.

The lay liability is the amount of money you will lose if your lay bet loses. For example, if you place a £10 back bet at the Betfair Exchange at odds of 2/1 (3.0) your return will be £30 if your bet wins, or you lose your £10 bet if your bet loses. Placing a lay bet is betting against an outcome. So if you place a lay bet at the same odds your liability will be £20, while your return will be £10. The higher your odds, the more your liability.

If you want to claim the Betfair welcome offer or the Exchange Free Bet Streak you will need to place exchange bets, and the subsequent bets will be exchange free bets to be placed on the exchange only. Otherwise you don’t have to use the Betfair Exchange at all. You can use the Betfair Sportsbook which operates like a regular online bookmaker.

Yes. Any multiple selection over a single qualifies for the matched bet multi promotion, including doubles, trebles, fourfolds, accas, Lucky 15s, Super Heinz, Yankees, etc. For a full list of qualifying multiples check Betfair’s promotions hub.

Any Mastercard or Visa debit cards are accepted by Betfair for UK players, while players outside the UK may be able to make credit card deposits and withdrawals. Other payment methods include bank transfer, paysafecard, Neteller, PayPal, Skrill or MuchBetter digital wallet. As Betfair merged with Paddy Power in 2015 you can also deposit money into your Betfair account by depositing from within a Paddy Power high street betting shop.

Betfair summary

If the idea of the betting exchange seems alien to you, you can always place back bets as you would in a bookie. The higher pricing of odds on the Betfair Exchange makes them appealing to many sports fans. If the price at the Exchange is 20% higher than at most sportsbooks then you will still see a higher payout, even with 5% win commission. The fact that Betfair also has a sportsbook, though, will be reassuring to those customers who don’t see the appeal of the Exchange. In many ways, Betfair has all the bases covered for all of its customers and backs up both sportsbook and exchange punters with weekly promotions available via each service.